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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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From: loantech12/20/2007 7:57:24 PM
   of 78419
 
Hugh Cleland in his letter today:
Western Goldfields
On December 13th, Western Goldfields reaffirmed that they are on schedule to begin
production in January, and that, in contrast to almost every other new mining project out there,
capital costs are in line with prior projections. To me, this reinforces my investment
hypothesis that, over the course of the first six months of 2008, WGI will continue on its path
to be re-valued from the 0.5x NAV multiple accorded to pre-production companies, toward the
1 to 1.5x NAV multiple accorded gold producers, meaning the stock should reach the $5 to $7
range during 2008.

northernriversfunds.com
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